BS25100E 6-Month T-Bill Auction Results vs Projection

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2025/01/02/bs25100e-6-month-t-bill-auction-results-vs-projection/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

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Refer to BS25100E 6-Month T-Bill Yield Projection for the projection:

Yield Premium Projection:
Projected Cut-Off Yield = 3.02%, ranging from 2.94% to 3.10%

Polynomial Trendline Projection:
Projected Cut-Off Yield = 3.13%, ranging from 2.81% to 3.45%

Today (2 January 2025) the auction results for BS25100E was released here:
https://www.mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/auction-t-bill?issue_code=BS25100E&issue_date=2025-01-07

BS25100E Cut-Off Yield is 3.05%, 3 basis points above previous T-bill issue BS24125S, and 2 basis points below the projected yield 3.07% I picked.